Story unfolds as scripted
Orthex achieved much stronger than expected growth in a weak demand environment, although growth investments kept the result in line with our expectations. We believe the growth strategy is on track and, given the weakness in retail sales, we are confident that the company is gaining market share in its key markets. We do not see much upside in the stock's multiples, but the earnings growth and dividend yield over the next few years still lead to a positive view at the current price.
Orthex
Orthex is a Finnish manufacturer and supplier of household products. The company offers a range of products such as plastic boxes for storage, cutting boards, pots, bowls, and other accessories for the kitchen. Most of the range is accessed digitally via the company's e-commerce platform, and the products are offered via licensed resellers. The largest operations are in the Nordic market.
Read more on company pageKey Estimate Figures16.05
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 85.9 | 91.1 | 97.7 |
growth-% | 2.25 % | 6.04 % | 7.17 % |
EBIT (adj.) | 10.0 | 11.9 | 13.9 |
EBIT-% (adj.) | 11.69 % | 13.10 % | 14.20 % |
EPS (adj.) | 0.35 | 0.45 | 0.55 |
Dividend | 0.21 | 0.25 | 0.29 |
Dividend % | 3.89 % | 4.31 % | 5.00 % |
P/E (adj.) | 15.50 | 12.88 | 10.47 |
EV/EBITDA | 7.95 | 7.46 | 6.32 |